XAUUSD Long Idea
XAUUSD (gold) is struggling. There’s no other way to say it.
The only thing I can think of is that Bitcoin (BTC) is literally sucking the life out of the former king of inflationary protection.
Perhaps gold is just lagging and will make its move later this year.
I wouldn’t be surprised by that at all, and I’m by no means saying that gold and silver are no longer sensible investments.
However, as I stated several months ago, Bitcoin was always likely to outperform gold this year.
As for the technicals, the $1,800 area could serve as support for next week.
If XAUUSD closes below that, it may struggle to find a meaningful support until the channel floor.
On the other hand, a move higher would need to clear $1,900 to extend gold higher.
The only thing I can think of is that Bitcoin (BTC) is literally sucking the life out of the former king of inflationary protection.
Perhaps gold is just lagging and will make its move later this year.
I wouldn’t be surprised by that at all, and I’m by no means saying that gold and silver are no longer sensible investments.
However, as I stated several months ago, Bitcoin was always likely to outperform gold this year.
As for the technicals, the $1,800 area could serve as support for next week.
If XAUUSD closes below that, it may struggle to find a meaningful support until the channel floor.
On the other hand, a move higher would need to clear $1,900 to extend gold higher.
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